Russian private firms are the most optimistic about future business in over four years, reflecting the prospect of larger client bases, a think tank said Monday in its survey note.

Data from a latest business outlook survey indicated largely positive forecasts for future business activities and new orders, the London-based IHS Markit said in a press release, citing its economist Sian Jones.

Optimism towards output growth is the highest since June 2013, and expectations for new orders are the strongest since early 2014, Jones said.

The data in the survey showed that the number of Russian firms which expect an expansion in business activities has increased to 29 percent in October from 25 percent in June.

Forecasts for the output growth in the next year have been raised by the modernization of production processes, diversification and greater market development, the IHS Markit said.

However, firms were less positive towards anticipated business revenues and profitability than in June.

But job creation appeared to be solid in the coming year with firms reporting the greatest optimism in five years.

Referring to the price, manufacturers foresaw a sharp rise in costs, while service providers expected weaker inflationary pressure than in June.